MEDIA CENTER - NEWS


06-02-2006

Abdali continues its development with the signing of three new agreements

Amman, February 6, 2006) Mr. Jamal Itani, CEO of Abdali Investment and Development PSC, has concluded agreements with Mr. Nashat Sahawneh, Mr. Thameen Fakhoury and Mr.Issam Khateeb. Using local construction companies, the Jordanian investors will develop three separate sections of the Abdali project spanning a total build area of 25,800 square meters.

The Issam Khatib Contracting Company will implement the contract signed by Issam Khatib, while the contracts signed by Mr. Nashat Sahawneh and Mr. Thameen Fakhoury will be undertaken by the Al Hamad Contracting Company. All three agreements formalize the development of new offices within the commercial sector of Abdali. "We are in the process of finalizing all of the project development agreements, and at the same time working on developing the infrastructure according to the agreed on timeline", Said Mr. Jamal Itani, General Manager of Abdali Investment and Development PSC.

He also added: "We are delighted to welcome the new investors as partners in Abdali project as their efforts will be positively reflected in this project. We also hope to achieve our broader aim of enhancing the Jordanian economy by attracting local and international investment".

The agreements are inline with Abdali Investment and Development PSC's goal of creating investment opportunities through prestigious residential and commercial buildings that reflect positively on investors. Mr. Nashat Sahawneh said "We are glad to become part of this project, and we will be implementing this construction project according to the highest international quality criteria".

Covering more than 35 hectares, Abdali is the largest single-owned, vacant plot available in the center of Amman. Its total built-up area is more than 1 million square meters requiring an investment exceeding 1 billion dollars.

The new downtown will incorporate the development of seven sectors: Civic Pole, Towers Area, Pedestrian Spine, Central Marketplace, Nabulsi St., as well as areas comprising a Medical and Residential and Legal Districts. The project will also incorporate an educational landmark to the fabric of the city; the American University of Jordan graduate campus.